What is an irrevocable trust?

An irrevocable trust is a type of trust that cannot be revoked or modified once it has been established. It is a legally binding contract that is used to protect assets for a designated beneficiary. In South Carolina, an irrevocable trust is created when a grantor, the person creating the trust, transfers property to a trustee, the person responsible for managing the trust. The trustee is then responsible for managing the trust according to the instructions given by the grantor. The grantor can place restrictions on how and when the trust assets can be used; for example, they can specify that the trust assets can only be used for medical care. Additionally, the trust agreement can provide that the trust assets pass to the designated beneficiary upon the death of the grantor or at a predetermined date. An irrevocable trust is often used in elder law because it allows the grantor to preserve and protect assets for their loved ones. For example, if a person wants to ensure that their assets are not taken over by creditors or the government, they may set up an irrevocable trust to hold the assets. In South Carolina, irrevocable trusts can also be used to protect assets from being taxed by the state and federal government. Overall, an irrevocable trust is a powerful tool that can be used in elder law in South Carolina to ensure that assets are managed and protected according to the wishes of the grantor. With the help of a qualified attorney, the grantor can set up an irrevocable trust that will provide long-term security for the designated beneficiaries.

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What is an irrevocable trust?

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